An offer for “Jagodinska pivara” is half of brewery’s estimated value

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Photo: Ministarstvo privrede

Plant for production of malt, beer, yeast and non-alcoholic beverages “Jagodinska pivara”, currently under receivership, was for sale, and buyer presented an offer that is 50 percent lower than the estimated value, B92 reports.

In this case, administrative receives is “obliged to receive consent from the Board of Creditors before accepting the offer,” Igor Draskic of the Company Auction Centre has stated.

The Board can take up to 10 days in order to decide.

The Bankruptcy Supervision Agency has advertised the sale of “Jagodinska pivara” at the estimated value of RSD711 million.

The administrative receiver was “obliged to accept the highest bid if it is above 50 percent of the estimated value”, and to seek consent from the Board of Creditors if it is below 50 percent, the ad stipulates.

The brewery was also auctioned at this price on December 4th last year, but there were no buyers and “no one paid the deposit“, which was and currently is RSD142.2 million.

“Jagodinska pivara” is one of the oldest companies in Serbia, founded in 1852. The Commercial Court in Kragujevac reached the decision on initiation of bankruptcy proceedings on March 24th, 2016, due to a permanent insolvency, meaning that bankruptcy debtor’s account was blocked for a longer period of time. The current account of “Jagodinska pivara” has been blocked since June 2nd, 2015, for the amount of around RSD900 million. The brewery has not been operational for more than a year and a half.

Source: B92

Photo: Ministarstvo privrede